American bid approach for Ushers
Saturday 06 June 1998
Ushers floated at 110p a share last March but its first year's plans were shattered by the loss of the contract to brew for Scottish & Newcastle, which accounted for a third of its contract brewing.
Sales have been only partially recouped by the deal to brew for its neighbour Gibbs Mew, which closed its own brewery last year. The shares slumped to a low of 70p following a profit warning and only recently struggled back to 90p helped by plans for share buy-backs.
Yesterday they leapt 25.5p to 127.5p in the hope of a bid at 130p, believed to be from Alchemy, a US-based venture capital group. It would value the group, which has 128 pubs and recently bought some hotels, at pounds 127m and the shares around 12 times earnings. Schroder Venture Funds hold 28 per cent of the company and SBC funds a further 20 per cent.
The approaches triggered a round of broker recommendations yesterday. Panmure Gordon issued buy notes on both Greenalls and Ushers, ABN Amro recommended Greene King and Greenalls, Cazenove advised clients to buy Youngs and Greenalls, Teather & Greenwood favoured Morlands, and another broker tipped Wolverhampton & Dudley as well as Greenalls.
New UK station Russia Today gives a very bizarre view of Britain
By performing as African Americans or Indians, white people get to play act a kind of 'imaginary liberation', writes Michael Mark Cohen
Top Gear presenter is no stranger to foot-in-mouth controversy
New essay by JK Rowling went live on Pottermore site this morning
Review: Mike Leigh's biopic is a rambling, rich character study
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Topshop at centre of row over body image as 'shocking' skinny mannequin photo goes viral
- 4 If you think Russell Brand’s new book is confused, you should read what his critics have to say about it
- 5 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Halloween 2014: From the Screaming Man of Pluckley to the 'White Lady' of the Tower of London - Britain's 20 most haunted places
Russian politician says Apple CEO Tim Cook should be 'banned' from country after coming out as gay
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...